Market Update
IT'S A BUYERS MARKET
SALES:
The multiple listing service reports 15 home going under
contract over the last 30 days in Wickenburg. Only 2 homes closed
escrow over the last 30 days, the average price was $219,500 with a high
of $349,000 and low of $75,000. The average time those homes spent on
the market was 184 days. the final sales price was on average
$13,429 less than the asking price.
inventory/
time on the market:
Currently we have 205 homes on the market which is 6 less than last
month.
The average time on the market is averaging a little more than 8 months which
is a little higher than the normal of 6 months. The interesting
thing is that there is a real shortage of some types of homes. For
example we have a real shortage of newer homes on larger subdivision lots say
between 1/4 and 1/2 acre, and also have a shortage of the more
affordable horse properties especially under $300K
PRICES:
More about calculating
values
Prices appear to be holding reasonably steady, but there are some good
deals to be found.
Expectations:
I am glad to see the number of sales coming up, 15 houses
under contract is actually more than I expected. I am still only
expecting to see about 10 houses per month under contract for the
remainder of the year, but hope to be pleasantly surprised. If the
sales keep up the prices should stay stable, but I still think it is
likely we will see some small drops. I expect the number of homes
on the market to climb from here on out, I will be very surprised if we
ever see our inventory this low again..
So if you are seller in the Wickenburg market the competition will remain tough, and there will be little chance of selling a home that is over priced. For buyers interested in Wickenburg, 2008 is fantastic year to buy. Both prices and interest rates are low.
Land:
The demand for land has been much lower than normal of late even
though the availability is quite good. I attribute that primarily to the asking prices of the land
that is on the market. The asking prices of land are actually higher in
many areas than they were in 2005. Looking on the bright side we have
seen a number of price reductions, and still continue to see
new listings to the market. So I wouldn't say that the values of land
are dropping, just that the asking prices are falling back to reasonable
numbers, that will in many cases still be comparable or even higher than
the banner year of 2005.
Summary of data from past market updates
* When I mention an average I will exclude 2005 which was a most unusual year in Real Estate.
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